The Association of British Insurers says the level of new life and pensions business held up during ...
The Association of British Insurers says the level of new life and pensions business held up during the first quarter of this year but that more still needs to be done to close the "savings gap" identified as the biggest challenge facing the future of pensions in the UK.
The biggest change during the past year was the move towards stakeholder pensions, with some 800,000 policies sold in the first full year, according to the ABI.
These policies largely explain a 38% increase in new defined contributions schemes, the association adds.
Looking at a breakdown of the figures published, gross premiums for individual life policies during the first quarter dropped around 1% 5o £919m, individual pension premiums grew some 22% to £885m, while pension annuities and income drawdown premiums climbed 2.5% to £199m.
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